StableCOin issuer Tether has announced a strategic investment in Orionx, a cryptocurrency exchange based in Chile operating in Peru, Colombia and Mexico.

The investment closes Orionx’s Series A Raise, which was led by Tether. The exchange also raised a non -public amount in 2023 in a round led by BitFinex, Tether’s sister company.

Tether will use the investment to improve its presence in Latin America, a region that has the second highest proportion of unkind adults. The region also received nearly $ 415 billion for crypto in a calendar year until June 2024, according to Chainalysis.

“By closing Orionx ‘Serie A-Round, we not only support a company of great influence, but also promotes our wider vision of making stablecoin-driven economic tools available to underrated societies throughout the region,” said Paolo Ardoino, Tether’s CEO in a blog post.

Joel Vainstein, Orionx’s CEO, added that the collaboration “marks a turning point” in the company’s B2B vision and that it will produce more “cost-effective solutions for payment collection, distribution and treasury management.”